Repackaging programme: Difference between revisions
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{fwmd|Repack programme}} | {{fwmd|Repack programme}} | ||
A secured [[medium term note]] programme created by an [[espievie]] captive to the demands of a [[broker/dealer]] and used to sell [[securitized]] [[structured products]], securities [[par asset swap]]s, [[credit-linked notes]] and all that good stuff. | A secured [[medium term note]] programme created by an [[espievie]] captive to the demands of a [[broker/dealer]] and used to sell [[securitized]] [[structured products]], securities [[par asset swap]]s, [[credit-linked notes]] and all that good stuff. | ||
Revision as of 16:29, 24 July 2020
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| Docs | Propectus, agreements, supplements, swaps, global notes, side letters galore. Most exciting part: limited recourse. Yes: that exciting. | 2 |
| Amendability | Bugger all, because of the trust structure. What? You think the Trustee’s going to take a view? | 7 |
| Collateral | Fully funded. Note is fully collateralised. | 4 |
| Transferability | In theory unlimited: cleared, dematerialised bearer notes. In practice? Forget about it. No-one wants your home-made espievie notes. | 7 |
| Leverage | Not really. | 3 |
| Fright-o-meter | CAYMAN ISLANDS DUDE! In reality, depends what you put in it, but mostly tame. | 5 |
A secured medium term note programme created by an espievie captive to the demands of a broker/dealer and used to sell securitized structured products, securities par asset swaps, credit-linked notes and all that good stuff.
The best ever repackaging programme was Goldman Sachs International's “MaJoR” Multi-Jurisdiction Repackaging Programme[1] which, as its name suggests, was (and as far as I know, still is) as cool as Jon and Ponch.
You know, the ones from TV’s “CHiPs”[2]
See also
- The wonderful world of debt securities: Bonds | Notes | Certificates | Zero-coupon bonds | Medium term notes | repackagings | Convertible bonds | Exchangeable bonds | Collateralised debt obligations
- Equities: Warrants | Shares
References
- ↑ Patent applied for!
- ↑ Youngsters: Let me Google that for you.